Coinbase Wins Abu Dhabi Approval to Launch Tokenized Securities Starting with Apple

The Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) has granted Coinbase a Financial Services Permission to arrange investment deals and provide custody services for tokenized securities. The approval provides a regulatory framework for the company to develop securities represented as digital tokens within ADGM. Under the model, traditional securities such as stocks remain regulated financial instruments, issued in ADGM and backed by underlying shares held in trust.

The FSRA approved a prospectus earlier this month for Apple CB Certificates, issued by Coinbase Onchain SPV Ltd., an ADGM special purpose vehicle established in June. The certificates represent beneficial interests in Apple common stock. Coinbase could use a similar structure for other equities. Eligible investors can access the securities through digital wallets, with transfers subject to sanctions screening and other regulatory controls, and the products are limited to eligible jurisdictions outside the US.

Coinbase has also pursued regulatory approval in the United States for tokenized equities, having asked the Securities and Exchange Commission in 2025 to allow tokenized versions of publicly traded stocks. That process is separate from the ADGM approval. The company has established Abu Dhabi as its international tokenization and onchain capital markets hub, while Dubai remains its derivatives hub. Coinbase said tokenization could support faster settlement, continuous trading, and fractional ownership, though adoption depends on available liquidity. The company has also used the region for digital debt and private-market products, including a Mubadala Capital strategy that attracted about $75 million in onchain assets. The Apple-linked certificates will provide an early test of demand for tokenized equities under the new framework.